P, Q and R sharing profits in the ratio of 2:2:1. They decided to change their profit sharing ratio to 1:1:1 from 1st April 2021. On that date: | ||||||||||||||||||||
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Additional information: | ||||||||||||||||||||
Bad Debts Rs.40,000 were to be written off. A provision of 5 % on Debtors to be made for bad and doubtful debts. | ||||||||||||||||||||
What will be the Revaluation Profit/Loss? |
A) Profit Rs.40,000
B) Loss Rs. 31,000
C) Profit Rs. 31,000
D) Loss Rs.40,000
Correct Answer: B
Solution :
Loss Rs. 31,000You need to login to perform this action.
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